GLOBAL AI IN HEALTHCARE MARKET OUTLOOK 2018
Artificial Intelligence (AI) requires data mining approach as well as pattern recognition to medically diagnose the condition of a patient. Neural networks process information by recognizing patterns and data that has been previously loaded into the system. The AI in the healthcare market is expected to grow from USD ~2 billion in 2018 to USD ~36 billion by 2025, at a CAGR of ~50% during the forecast period. This is possible due to the competence of AI to recognize drug targets and help in drug design, discovery, identification, and screening of molecules instantly. Medical imaging, on the other hand, is one of the major application areas that has led to improvement in cancer and tumor diagnosis using AI. It is primarily based on pattern recognition that effectively works using deep learning technique.
The huge availability of big data, the growing number of cross-industry partnerships and collaborations is fuelling the growth of the AI market. In addition, demand to reduce the imbalance between the healthcare workforce and patients is further supplementing the growth of the AI in the healthcare market.
Leading companies in the AI in healthcare market are NVIDIA (US), Intel (US), IBM (US), Google (US), Microsoft (US), AWS (US), General Vision (US), GE Healthcare (US), Siemens Healthineers (Germany), Medtronic (US). The market has active participation of start-ups. A few emerging start-ups in the market are CloudMedx (US), Imagia Cybernetics (Canada), Precision Health AI (US), and Cloud Pharmaceuticals (US).